CogniPay has been flagged by Financial Services and Markets Authority for "Fraud and Other Types of Misconduct". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I want to warn everyone about CogniPay. They have been flagged by Financial Services and Markets Authority as an unauthorized entity. I wish I had checked before investing. They use high-pressure sales tactics and fake testimonials. Once you send money, getting it back is nearly impossible.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
The onboarding at CogniPay was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: High security standards|Fast execution
Cons: Mobile app could be improved|Would like more payment methods
I was about to invest with CogniPay but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Services and Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Flagged by Financial Services and Markets Authority|Cannot verify credentials
The mobile app from CogniPay is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Wide product range|Clean UI|Stable platform|Clear documentation
Cons: Withdrawal takes 1-2 business days|No crypto staking
For anyone considering CogniPay, please be aware that this company has been flagged by Financial Services and Markets Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
After for about ten months with CogniPay I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Real-time alerts|Instant funding|Regular updates|Transparent fees
Cons: Inactivity fee applies after 12 months|Onboarding videos are outdated
CogniPay had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Full transparency|Customizable dashboard|Multi-device support
Cons: Some tools only available on higher tiers|No integrated tax optimization
I had a dispute with CogniPay and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Multi-currency support|Stable platform
Cons: Inactivity fee applies after 12 months|Help articles are sometimes vague